3M To Bring 120 Jobs to Columbia.

8 years 7 months 14 hours ago Wednesday, August 18 2010 Aug 18, 2010 Wednesday, August 18, 2010 6:48:34 PM CDT August 18, 2010 in News
COLUMBIA - The Missouri Development Finance Board approved 3M for the Missouri BUILD Bond Program.

The program provides about $1 million in bond incentives for manufacturing, processing, assembling, research and development, services in interstate commerce, office industry and agricultural processing businesses.

The bond money combined with other federal and state incentives will help 3M create 25 temporary jobs, including construction workers and 120 new full-time jobs. 

"This is a very, very tight job market as we all know right now, so we feel very fortunate that we're in a market position to actually grow these projects and have the potential to actually add some jobs, said 3M Columbia Plant Manager Bill Moore.

The BUILD Bond Program requires companies to invest at least $15 million into any projects that use Build Bond money.

3M is expected to invest about $21 million into the new project that brings four new product lines to the Columbia plant.

The federal and state incentives helped Columbia beat Singapore as the plant for these new consolidations and expansions.

The project should bring a $7.8 million positive impact to the state economy.

"Columbia is just a great place to do business. Missouri is a great place to do business, so we're really pleased to be able to consolidate some more businesses and grow some businesses in the community," said Moore.

3M plans to add 22 jobs in the first year of the project, then 53 the second year and 45 in the third.

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